BrandZ and Millward Brown Optimor calculated value based on branded earnings and a survey to determine how much of those earnings are generated by the brand’s close bond with customers. For companies like Apple, the loyalty of customers is more than a balance sheet could reflect.

Brand value differentiated winners from losers and helped “sustain brands through a challenging year” marred by shaky consumer confidence and financial woes, according to the report.

Top-ten companies also included telecom giants Verizon, Vodafone and AT&T, which formed partnerships and expanded in emerging markets. Google slipped to number three after its Google+ feature failed to garner much usage.